HFA News

The U.S. Department of Treasury approved Oregon’s plans for four new foreclosure prevention programs today. One of five states to receive second round Hardest Hit Funds, Oregon received notice in late March that it would receive $88 million in funding for foreclosure prevention to help approximately 6,000 households across the state. Oregon Housing and Community Services submitted a proposal to Treasury in early June outlining programs it would create to responsibly distribute the funds to struggling Oregon homeowners.

Today, the U.S. Treasury announced its approval of plans for the distribution this fall of $43 million in federal Hardest-Hit Funding (HHF) in Rhode Island. On March 29, the Obama Administration announced that Rhode Island was one of five states to receive funding because high percentages of the population are struggling with unemployment, defined as counties in which the unemployment rate exceeded 12 percent in 2009. Rhode Island was supported in its efforts with tireless advocacy from the Rhode Island congressional delegation, led by U.S. Senator Jack Reed. The approved program, called HHFRI, will be offered throughout the state this fall, in partnership with certified counselors and lenders. HHFRI funds will be focused on preventing avoidable foreclosures by targeting Rhode Island homeowners in the state´s hardest hit communities who are not able to make their mortgage payments due to a hardship such as job loss or underemployment. The funds are intended to complement existing federal and lender programs, and will only be available to owner-occupied homeowners who have exhausted all other options.

The North Carolina Housing Finance Agency announced today that the U.S. Treasury Department has approved the Agency’s plan to use $159 million of federal Hardest Hit Program funds to help North Carolinians who have suffered job loss or other financial hardships to save their homes from foreclosure. North Carolina is one of five states approved today for such funding.

Officials at the US Department of Treasury yesterday approved the proposal of the South Carolina State Housing Finance and Development Authority (SC State Housing) for administration and distribution of $138 million to help the state’s “hardest hit” homeowners. South Carolina joins the ranks of nine other economically distressed states trying to help homeowners facing the possibility of foreclosure due to circumstances beyond their control.

Oklahoma Housing Finance Agency’s Board of Trustees approved during its July meeting Home Investment Partnerships Program (HOME) contracts totaling $6 million for the rehabilitation of homes throughout Oklahoma. OHFA is a U.S. Department of Housing and Urban Development (HUD) designated state Participating Jurisdiction.

Funds are still available to help low-income Oregon homeowners replace old appliances, according to Oregon Housing and Community Services, the state agency that runs the Appliance Rebate Program. The agency expects to distribute approximately 2,000 vouchers to qualified homeowners on a first-come, first-served basis, until they run out.

The governor of West Virginia announced an unparalleled housing strategy, and is now offering the best mortgage rates the state has ever seen — a 30-year fixed-rate of only 3.5%.

Governor David A. Paterson has signed legislation that will enable New York State to help refinance apartment buildings that ran into severe financial difficulties as a result of the housing crisis. The new law will allow the State of New York Mortgage Agency (SONYMA) to insure loans that refinance these "overleveraged" buildings that are now struggling to pay their debt service.